Transforming Accounts Payable: Harnessing the Power of AP Automation With the Kofax Marketplace

Fewer exceptions. Lower per-invoice processing costs. Faster results. These are all the things that accounts payable teams dream of achieving—but it can be much easier said than done. There are many steps to handle with many touchpoints in the traditional process, which often means slower work, higher error rates, and more time spent chasing down problems. It doesn't have to be that way.

With AP automation tools from Kofax and extensions for them available online in the Kofax Marketplace, remaking your processes for the modern marketplace is possible right now. How can you use marketplace solutions to make that a reality? Let's begin by looking at all the areas that deserve your attention with regard to automation, then look at an innovative solution ready for you to deploy right now.

Where Can You Automate Inside Accounts Payable?

Despite being the domain of many manual processes, especially in smaller businesses, accounts payable is rich with automation opportunities. Across the entire process, there are many ways you can find to reduce handling time and improve accuracy. You should strongly consider exploring automation for efforts such as:

• PO matching. Aligning every purchase order with the correct invoice, receipt, and other related documents is time-consuming. It can take hours out of the workweek to complete. With automation tools, you can facilitate faster matching.

• Processing invoices into your computer systems. Instead of having staff spend time reading and re-typing information into different software, automate the extraction and routing of that data.

• Payment approvals and processing. Some invoices which satisfy certain conditions should go straight to payment; others may need routing to specific individuals for approval. Automation can touch all points of this process.

• Report generation. Why should a skilled knowledge worker spend hours running reports when a software robot could do it for you instead?

• Keeping vendors happy. Automated self-service portals simplify onboarding new vendors while existing partners gain more insight into their business relationship with you. Data from this system can automatically flow into your enterprise software.

With intelligent automation tools from Kofax, achieving a transformation in your AP workflows is possible today. Even better, an entire community of skilled developers is ready to help your business embrace AP automation on a more rapid timeline. Let's look at how one Marketplace solution, in particular, can make a big difference.

Using the Kofax Marketplace to Accelerate Your Transformation

The marketplace is a central hub for businesses to use for finding many kinds of solutions that can reduce the amount of time it takes for you to realize the benefits of automation. In the realm of accounts payable, one solution created by our partner ACMO offers the opportunity to deploy extensive functionality for a faster AP transformation. Called APAY, this cloud-based solution built on Kofax TotalAgility can change how you work rapidly.

Built to facilitate a transition towards automation at any level of scale, APAY is a fully-featured solution that includes capabilities such as:

• Multi-stream document ingestion with accurate data capture from PDFs, emails, faxes, paper scans and more. Quickly ingest invoices and transfer their data to the right systems.
• Fraud detection tools to raise alerts to specific employees when the system detects possible exceptions.
• Automated PO matching, including three-way matching.
• ERP integration.
• Fully detailed audit trails.

More than just a solution for workers in the office, APAY also features Android and iOS apps that let workers capture invoices on the go. Send items for approval directly to a key stakeholder so they can release invoices for payment from anywhere. The added flexibility saves time and makes your processes both leaner and more effective.

Built-in machine learning capabilities let APAY "understand" the invoice formats used by your suppliers. As you process more invoices, the system becomes more accurate and "smarter" at handling your data. Throughout all this, you can count on dramatically reduced error rates and consistently higher reliability in your AP outcomes.

Automating your accounts payable processes doesn't require months or a year-long effort to build these new systems from the ground up. With Kofax TotalAgility and APAY, a ready-made solution is currently within reach for your team. Such an opportunity represents a much swifter road to successful automation and a positive ROI on your efforts, too.

Discover What AP Automation Could Mean for Your Business Now

Effective accounts payable work is the backbone of a successful business. Without it, understanding daily cash flow is virtually impossible—as is keeping your company's bills paid and its vendors happy. With intelligent automation tools from Kofax and purpose-built solutions from the Kofax Marketplace, there are valuable opportunities for transforming AP today. Evaluate your processes today and ask: where can automation change the game for us?